The search for a new financial institution to add automated teller machines throughout the campus has ended.
University Federal Credit Union recently won the bid, against other financial institutions, to place its ATMs throughout the university. The ATMs are set to be working by the upcoming fall, said university Treasurer Valerie Van Vlack.
Officials took UFCU on a tour through campus to show them possible locations for future ATMs, said Bill Nance, vice president of Finance and Support Services.
“UFCU is looking at putting ATMs in places such as the library, the rec, outside the UAC building, the Avery building on the Round Rock campus, Strahan Coliseum and the football stadium,” Van Vlack said.
All of the locations piqued interest, but as UFCU employees and university officials walked the campus, Strahan Coliseum stood out the most, Nance said.
“The Capital Improvement plan in the next five years will provide an expansion for Strahan,” Nance said. “This could provide more retail space to be made available for places such as UFCU’s ATMs.”
Wells Fargo, the main financial institution on campus, has ATMs all over campus and a bank branch inside the LBJ Student Center, Nance said. Although there is this opportunity for new financial institutions to create a partnership with the university, it will not take away from Wells Fargo.
“Wells Fargo’s contract with their ATM and bank branch in LBJ with the university does not end until 2016,” Nance said.
The Wells Fargo bank and ATMs have been in place on campus for over five years.
“UFCU ideally would like to put four ATMs on campus,” Nance said. “They would be paying for the construction and placement of the ATMs and have sent construction drawings to us to show how much space they would take up to decide where they could be located.”
ATM availability on the campus has proven to be beneficial for the financial institution that provides it and to the university, Van Vlack said.
“The banks that want to be at Texas State University pay the school, so the university benefits from having them on campus financially,” Van Vlack said.
Students also benefit from having ATMs on campus.
“Having my own personal bank on campus is really convenient because I can always pull out money for any immediate purposes and not have to worry about driving anywhere off campus or any additional charges added,” said Anthony Montelongo, management junior and Wells Fargo customer.
UFCU officials are also thinking about following in the steps of Wells Fargo and considering starting a branch on campus as well, Nance said.
“UFCU already has what they call a ‘mini-branch’ on Concordia’s campus,” Nance said. “It’s basically just a bank branch like the Wells Fargo one we have. With the addition of a branch, UFCU would also provide the university with more money if they are to have one on Texas State’s campus, but with the Wells Fargo branch already in place I’m not sure if we need another one quite yet.”
UFCU has put steps in place for its ATMs and potential branch, but all final decisions and contracts are still being reviewed and have not been finalized yet, Van Vlack said.
“Wells Fargo being on campus has saved me a lot of time and money,” Montelongo said. “UFCU could provide that luxury to its customers that are students at Texas State, so I hope they jump on board soon so I’m not the only one of my friends with money in their pocket.”